Prime Bank, Toyota Woo Insurance Brokers With Car Loan Facility

From left-Toyota Kenya Limited Managing Director Arvinder Reel, Prime Bank Head of Marketing Connie Kirika and the Association of Insurance Brokers of Kenya Chairman Nelson Omolo. [PHOTO/ COURTESY]

Toyota Kenya has partnered with Prime Bank in rolling out the New Drive Loan Facility that will enable members of the Association of Insurance Brokers of Kenya to get up to 100% financing towards the purchase of selected Toyota Kenya vehicles.

Through the partnership, insurance brokers will enjoy a competitive loan facility while purchasing the vehicles, which include the Toyota Rush, RAV4, Fortuner and the Suzuki Ertiga, with a repayment period of 36 months.

Read: The Economist Group Picks Gina Din Group As Its Regional Media Representative

Speaking at the signing ceremony of the financing agreement, Prime Bank Executive Director Amar Kantaria said the partnership between  Toyota and Prime Bank is part of the bank’s plan to expand its asset finance portfolio.

“We have specifically tailor made this product to insurance brokers with up to 100% financing and a very convenient repayment plan coupled with a competitive interest rate, “he added.

On his part, Toyota Kenya Managing Director Arvinder Reel lauded the continued support financial institutions have accorded motor vehicle distributors in helping grow the number of Kenyans acquiring brand new vehicles.

“We believe that these units offer stronger value proposition to customers due to the guarantee of long-term quality performance from the unit as well as the added benefits such as 25,000km or one-year free service and a three-year or 100,000km of use warranty. Partnerships with institutions like Prime Bank make this process more favourable for the potential consumers.”

For all the latest technology and business news from Kenya and the world, follow us on Twitter and like us on Facebook.